Sense 1honor, honour, reward -- (bestow honor or rewards upon; "Today we honor our soldiers"; "The scout was rewarded for courageous action") => recognize, recognise -- (show approval or appreciation of; "My work is not recognized by anybody!"; "The best student was recognized by the Dean")

Sense 3honor, honour -- (accept as pay; "we honor checks and drafts") => accept, take, have -- (receive willingly something given or offered; "The only girl who would have him was the miller's daughter"; "I won't have this dog in my house!"; "Please accept my present")